US-based medical device developer Mivi Neuroscience has completed a $35m series B round featuring Cardeation Capital, a partnership between electronics producer Philips, healthcare provider UPMC and American Heart Association.
An undisclosed multinational medical technology producer led the round, which included Perceptive Advisors, Deerfield Management and existing backers including Concord Health Partners.
The round included the conversion of previously issued convertible notes and Raymond James & Associates was placement agent.
Mivi produces medical devices such as catheters and suction pumps and is developing a system that will be used to retrieve blood clots in the treatment of patients suffering from ischemic strokes.
Proceeds from the round will be used to finance clinical trials for Mivi’s product pipeline, expand its commercial operations outside of the United States, develop new devices and commercialise its flagship products.
The company raised $1.6m from undisclosed investors in 2017 and $3.2m more in February 2019, according to regulatory filings. Concord Health Partners invested an undisclosed amount in Mivi three months later, and it raised $45m of funding in December 2020, according to a separate document.